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<br />200602706
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<br />plTlniullls, if any, or any sums payable by Borrower to Lender in lieu of tbe payment of Mortgage
<br />lnsuranee premiums in accordance with the provisions of Section 10. 'l'hese items are called "Escrow
<br />Items." At origination or at any tinle during the term of the Loan, Lender may require tbat Community
<br />Association Dues, [iees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessments shall be an Eserow Item. Borrower shall prornptly furnish to Lender all notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender (he [iunds for Escrow Itcms unless Lcndcr waivcs
<br />Borrower's obligation to pay the Funds f(Jr any or all Escrow Itcms. Lcndcr may waive Borrower's
<br />obligation to pay to Lender [iunds fix any or all Escrow Hems at any time. Any such waiver lIlay only bl.:
<br />in writing. In thl.: I.:vl.:nt of such waiver, Borrower shall pay directly, whl.:n and where payable, the anlounts
<br />dul.: for any Escrow Itellls j()r which payment of Funds has bel.:n waiVl.:d by Ll.:ndl.:f and, if Lender requires,
<br />shall furnish to Lender lTel.:ipts evidencing such payment within such time period as Lend(;\" may require.
<br />Borrowcr's obligation to lnake such payments and to provide receipts shall j(H' all purposes be deemed to
<br />be a covenant and agreement containcd in this Security Instrurnent, as the phrasc "covcnant and agreement"
<br />is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver. and
<br />Borrower fails to pay thc amount duc f()r an ESLTOW Itelll, Lender may exercise its rights ulllkr Sl.:ction 9
<br />and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such
<br />alllount. Lender may revokc the waivcr as to any or all Escrow Hems at any tilne by a notice given in
<br />accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such amounts, that are then required under this Section 3.
<br />Lender may, at any tinle, collect and hold [iunds in an alnount (a) sufficient to pennit Lender to apply
<br />the [iunds at the time specified under RESI'A, and (b) not to exceed the maximum amount a lender can
<br />ITquirl.: under RESPA. Lender shall estirnate the amount of Funds dul.: on the basis of current data and
<br />reasonable estilnates of expenditures of future Escrow Items or otherwise in accordance with Applicable
<br />Law.
<br />The Funds shall bc held in an institution whose deposits are insured by a federal agcncy,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in
<br />any Federal Home Loan Bank. Lender shall apply the Funds 10 pay the Escrow ItelT1S no later than the time
<br />specified under RES!' A. l,ender shall not chargc Borrower fl.)r holding and applying the Funds, annually
<br />analY7ing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on thc
<br />[iunds and Applicable Law pennits Lender to make such a charge. Unless an agreement is made in writing
<br />or Applicable Law requires intercst to be paid on the Funds, Lender shall not be required to pay Borrower
<br />any intclTst or earnings on the Funds. Borrower and Lender Call agree in writing, however, that interest
<br />shall be paid on thc Funds. Lender shall givc to Borrower, without charge, an annual accounting of the
<br />[iunds as required by RESPA.
<br />If there is a surplus of [iunds held in escrow, as defined under RESPA, Lcnder shall account to
<br />Borrower f()r the excess lllllds in accordallCe witll RESPA. If there is a shortagc of Funds held in escrow,
<br />as det1ned undcr R ESP A, Lender shall notify Borrower as rcquired by RESP A, and Borrower shall pay to
<br />Lender the amount necessary to luake up the shortage in accordance with RESP A. but in no more than 12
<br />monthly paynlents. If there is a def1ciency of Funds hcld in CSlTo\'.,', as defined under RESPA, Lendcr shall
<br />notify Borrower as required by RESPA, and Borrower shall pay to Lender the alllount necessary to make
<br />up the detieiency in accordance with RESPA, but in no lnore than 12 monthly paymcnts.
<br />Upon paYlnent in full of all StilUS securcd by this Security InstnnTlenL Lendcr shall promptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, chargcs, fines, and impositions
<br />attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
<br />ground rents 011 the Property, if any, and Community Association Dues, Fees, and Assesslllellts, if any. To
<br />the extent that these items are Escrow Items, Borrowcr shall pay thCITl in the manner providcd in Section 3.
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<br />.-6(NE) (lWl7).01
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<br />0110247846
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<br />FORTI 3028 1/01
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